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Inflation Falls but Savings are Still Being Eroded
01/08/2011
It was recently reported in June there was a unexpected fall in the rate of inflation from 4.5 per cent to 4.2 per cent. However, inflation still remains more than double the 2% target set by the Government for the Bank of England, eating away at potential savings returns.
Households that save have experienced a fall in the value of their savings over the last few years. If the high inflation rates were to remain at the current 0.5% rate of interest over a five year period then a household who has £10,000 worth of savings would see a return of £7,944, as buying power reduces.
Homeowners aged over 55 years who are worried about their savings and would like to know how much money the value of their property could release to increase their income, can find out by contacting therightequityrelease.co.uk for equity release advice.
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